Wallerian degeneration involves:

Wallerian, or anterograde degeneration Occurs toward the distal end of the axon in both the CNS and PNS Characterized by successive fragmentation and disappearance of axons and myelin sheaths and by secondary proliferation of Schwann cells. Retrograde degeneration occurs toward the proximal end of the axon and in the cell body. Takes place in both the CNS and PNS Characterized by chromatolysis, cell body swelling, and flattening and displacement of the nucleus to the periphery